UK: FRANCE: Truss And Macron Agree To UK-France Summit In 2023
Oct-06 17:59
UK Prime Minister Liz Truss and French President Emmanuel Macron have announced in a joint statement that they have agree to hold the next UK-France summit in France in 2023 "to take forward a renewed bilateral agenda."
- The two leaders met on the margins of the first summit of the European Political community and "welcomed quality of discussions" after a minor diplomatic strain between the two countries last month when Truss said "the jury is still out" on Macron, and France, as an ally.
- According to the statement, the two leaders discussed advancing bilateral cooperation in energy and immigration.
- According to the statement, relevant bodies will meet to finalise arrangements for the Sizewell nuclear power plant, to be built by state owned French energy company EDF, in the coming month.
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CANADA: Reluctance To Price In Much Higher Rates Ahead Of BoC
Sep-06 17:55
- BAX futures have reversed the earlier move lower to leave them little changed from Friday’s close, with yields up 1-2bps through to end-2023, in stark contrast to Eurodollars yields cranking higher (EDZ2 +11.5bps, EDZ3 +13.5bps).
- After an already sizeable re-pricing of higher rates through 2023, there is a reluctance to increase much further ahead of tomorrow’s BoC decision with question marks over potential rate guidance ahead once it will presumably be in restrictive territory.
- As it is, BAX yields sit at a level crudely consistent with a terminal policy rate of circa 3.75% in the Dec’22, seen largely holding there through 1H23 with the first full 25bp cut not until closer to mid-2024.
GBPUSD TECHS: Bearish Price Sequence
Sep-06 17:30
- RES 4: 1.1981 50-day EMA
- RES 3: 1.1901 High Aug 26 and key resistance
- RES 2: 1.1788 20-day EMA
- RES 1: 1.1624/1760 High Sep 1 / Low Jul 14 and recent breakout lvl
- PRICE: 1.1536 @ 16:16 BST Sep 6
- SUP 1: 1.1444/1412 Low Sep 5 / Low Mar 20 2020 and major support
- SUP 2: 1.1324 1.50 proj of the Jun 16 - Jul 14 - Aug 1 price swing
- SUP 3: 1.1300 Round number support
- SUP 4: 1.1248 1.618 proj of the Jun 16 - Jul 14 - Aug 1 price swing
The current downtrend in GBPUSD remains intact and Monday’s initial weakness reinforces current conditions. The pair has recovered however short-term gains are considered corrective. A bearish sequence of lower lows and lower highs remains intact. Note that trend is oversold however this does not appear to be a concern for bears. The focus is on 1.1412 next, Mar 20 2020 low and a major support. Firm resistance is at 1.1788, the 20-day EMA.
JPY: USDJPY Breaches 143.00, Extends Intra-Day Advance To +1.7%
Sep-06 17:16
- USDJPY has briefly printed a fresh high of 143.07, extending the day’s gains to 1.7% and rising close to 300 pips off the day's lows as surging core yields continue to weigh on the Yen.
- Japanese authorities continue to let markets know they are watching the FX market and are vigilant, however, the language remains consistent with messaging over the past months and appears ineffective in its current form.
- Price action has been bolstered by today's firmer US ISM Services PMI and it is worth noting there are very few notable US data points before next Tuesday’s CPI release.
- Last week’s break higher for the pair confirmed a resumption of the primary uptrend and this week’s climb reinforces current bullish technical conditions. Sights are on the following targets next:
- RES 1: 143.30 -- 2.23 projection of the Aug 2 - 8 - 11 price swing
- RES 2: 144.00 -- Round number resistance
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